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BUSINESS
November 24, 2006 | From the Associated Press
German chemical and drug maker Bayer said Thursday that it would sell its HC Starck division to U.S.-based private equity firms Advent International and Carlyle Group for more than $900 million in cash. Starck, headquartered in Goslar in northern Germany, makes metal and ceramic powders, specialty chemicals and parts made from advanced ceramics and metals. It employs 3,400 people at 15 sites in Europe, Asia and North America and posted 2005 sales of 920 million euros ($1.2 billion).
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BUSINESS
October 14, 2006 | From Reuters
German drug maker Bayer said Friday that it had suspended two senior employees over the company's failure to provide U.S. regulators with data on its heart-surgery drug Trasylol. Bayer also said it had hired an independent counsel to investigate its actions regarding the disclosure of the preliminary results from the Trasylol study. "Based on our investigation so far, we believe this was a serious error in judgment by two individuals," the company said in a statement.
CALIFORNIA | LOCAL
October 2, 2006 | Claire Noland, Times Staff Writer
In 1938, a woman's place was generally in the home, perhaps in a suitable office job, but certainly not in a boathouse. Until Ernestine Bayer came along, that is. Bayer, an athletic woman who wasn't satisfied watching her husband row in world-class races, started the first women's rowing club on the stretch of the Schuylkill River in Philadelphia called Boathouse Row.
BUSINESS
September 30, 2006 | From Reuters
German drug maker Bayer mistakenly failed to inform U.S. regulators about a study on the risks of widely used heart surgery drug Trasylol before an advisory panel met and ruled that the side effects were acceptable, the company said. The Food and Drug Administration said the early findings from a new review of hospital records from 67,000 patients suggested that Trasylol use might increase the chances of death, serious kidney damage, congestive heart failure and strokes.
BUSINESS
September 13, 2006 | From Bloomberg News
German-based Bayer won a judge's approval of a $250-million settlement of civil claims that it colluded to fix U.S. rubber prices from 1995 to 2001. U.S. District Court Judge Martin Jenkins in San Francisco said the accord with buyers of rubber chemicals was "fair, adequate and reasonable." Bayer was accused of colluding to fix prices of chemicals that are mixed with raw rubber to make finished rubber.
BUSINESS
August 19, 2006 | From Bloomberg News
Bayer, the second-biggest corn-seed producer in the U.S., detected trace amounts of an unapproved genetically engineered rice variety in commercial U.S. samples, posing a threat to a portion of rice exports. The U.S. Department of Agriculture and the Food and Drug Administration concluded that there were "no human health, food safety or environmental concerns associated with the rice," Agriculture Secretary Mike Johanns said.
BUSINESS
June 30, 2006 | From Reuters
German engineering conglomerate Siemens plans to bulk up its medical business by buying the diagnostics unit of drug and chemical firm Bayer for $5.3 billion. The acquisition, the second major purchase by Siemens' thriving healthcare unit in two months, would make the Munich-based giant the world's second-largest player in immunodiagnostics, which involves using antibodies to diagnose disease, it said Thursday.
BUSINESS
June 15, 2006 | From Times Wire Services
Bayer finally won control of Schering on Wednesday for an increased price of almost $22 billion as Merck bowed out and sold its stake to the larger drugs and chemicals group. Darmstadt, Germany-based Merck is independent of Merck & Co. in New Jersey. The German company, which had built up a holding of more than 21% in Schering after its own bid for the contraceptive-pill maker was topped by Bayer, said it would sell the Schering shares to Bayer.
BUSINESS
March 25, 2006 | From the Associated Press
Bayer's offer for drug maker Schering was embraced by its target Friday as German rival Merck abandoned its own takeover offer. Bayer's 16.3-billion-euro ($19.6-billion) bid late Thursday trumped Merck's hostile 14.9-billion-euro ($17.9-billion) offer for Schering made March 13. Bayer CEO Werner Wenning said 6,000 jobs probably would be eliminated after the acquisition, and the company did not plan to divest any Schering units.
BUSINESS
March 24, 2006 | From the Associated Press
German pharmaceutical and chemical company Bayer said Thursday that it would make a $19.5-billion white-knight offer for Schering, whose management said it would accept the offer over a hostile bid from another German drug company, Merck. Leverkusen, Germany-based Bayer said in a statement that it would offer $103 a share, topping a Merck offer of $92.40 already rejected by Schering management.
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